WeWork and Uber are proof valuations are meaningless

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

This week Kate and Alex were back to cover a lot of late-stage news, which they rounded up with some early-stage notes toward the end. As a reminder, come check out the show at Disrupt SF if you are in town, we’ll be out amongst startups, chatting all things startups and money.

Up top, we dug into WeWork and the latest from the company’s continuing IPO saga. The question regarding the co-working company’s public offering has changed to whether the IPO will happen this year, not just at what price the firm can entice enough investment to actually get public.

Alex has written about the company’s cash appetite a few times now, which raise the question of how long the company can survive without some sort of large, external investment. If SoftBank is willing to commit more capital is an open question.

Moving along to Uber, the firm underwent layoffs again this week. More than 400 people, or 8% of the operations, were cut as the company attempts to streamline operations, cut costs and, well, take baby steps toward profitability.

Turning to the early-stage part of the world, there’s a new early-stage-focused venture fund out there, Work Life Ventures, which intends to put small checks into promising SaaS companies.The firm is led by SaaS School founder Brianne Kimmel, a well-known angel investor in the enterprise space. So far she’s backed three companies out of the fund, including recent Y Combinator standout Tandem.

We finished off the episode with… cereal. A company called Magic Spoon (their website is here, as promised) raised $5.5 million this week for its D2C breakfast business. Our take is that the price point is a bit too high for comfort in its current iteration. It’ll be interesting to see if the startup can lower its prices now that it has new capital.

We’ll be back in a week! Chat soon, and please stop telling us to become angel investors!